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Crypto analyst observes Bitcoin ‘bullish megaphone pattern’ with $80k target in 2023

Crypto analyst observes Bitcoin ‘bullish megaphone pattern’ with $80k target in 2023

After making a brief bullish run over the weekend, Bitcoin (BTC) seems to be stabilizing back below the $21,000 level, but one cryptocurrency analyst has noticed a rare chart pattern that could signal a significant price increase for the flagship digital asset in 2023.

Upon detailed analysis of Bitcoin’s previous price action, including the higher highs and lower lows since November 2021, the decentralized finance (DeFi) asset was making a “bullish megaphone pattern,” as pseudonymous crypto analyst Moustache observed on November 6.

Bitcoin bullish megaphone pattern. Source: Moustache

In his opinion, such a pattern indicates that Bitcoin could reach a price of around $80,000 sometime during the summer of 2023. The analyst was referring to a widening pattern that looks like a megaphone or a reverse symmetrical triangle.

This rare broadening pattern is noticed when successive higher highs and lower lows occur after a downward move, confirming the bullish trend when the price breaks beyond the prior high but doesn’t fall below this level again, which typically happens on the third upturn.

Bitcoin price analysis

As a reminder, Bitcoin broke past $21,000 on November 4, shortly after the United States Bureau of Labor Statistics (BLS) report on (un)employment for October that has beaten analysts’ estimates, Finbold reported.

At press time, its price is back below the $21,000 level, as Bitcoin is changing hands at $20,764.51, down 2.34% on the day but still up 0.38% across the week, adding up to its 6.44% monthly increase.

Bitcoin 1-month price chart. Source: Finbold

At the same time, crypto trading expert Ali Martinez believes that “if BTC is able to hold above $20,700, it will have a great chance of rebounding to $21,150 or even $21,500,” as he stressed in a tweet on November 7.

Bitcoin price action analysis. Source: Ali Martinez

Elsewhere, other charts suggest that Bitcoin will likely regain a critical support level by the end of 2022, possibly even reclaiming the $25,000 mark, while the crypto community at CoinMarketCap has expressed predictions that the maiden digital asset would trade at $21,000 on December 31.

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